Is Bitcoin going to zero?

[OneMoreFarang]

1 hour ago, Sparktrader said:

1 hour ago, OneMoreFarang said:

Enjoy!

 

The Crypto Crash: all Ponzi schemes topple eventually

 

https://www.theguardian.com/technology/commentisfree/2022/jun/19/the-crypto-crash-all-ponzi-schemes-topple-eventually

 

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The guardian are experts in IT or investing?

 

No, the Guardian journalists are in general no crypto specialist. 

And of course they might be wrong.

But for something like crypto I think it is good to try to look at the big picture like banking, bankers, existing and not existing regulations, previous highs and lows, etc. 

 

I think we can all agree that money doesn't come out of nothing. So in general some people will win and others will lose. And looking at the past with bankers and investors it it pretty clear who usually wins and who loses.

Will bankers and the controlling people behind crypto tell us the truth, the whole truth and nothing but the truth? Or is is more likely that they see crypto from their point of view like: We will make a lot of money if enough stupid suckers put their money into this.

 

 

 

[Sparktrader]

5 minutes ago, OneMoreFarang said:

 

No, the Guardian journalists are in general no crypto specialist. 

And of course they might be wrong.

But for something like crypto I think it is good to try to look at the big picture like banking, bankers, existing and not existing regulations, previous highs and lows, etc. 

 

I think we can all agree that money doesn't come out of nothing. So in general some people will win and others will lose. And looking at the past with bankers and investors it it pretty clear who usually wins and who loses.

Will bankers and the controlling people behind crypto tell us the truth, the whole truth and nothing but the truth? Or is is more likely that they see crypto from their point of view like: We will make a lot of money if enough stupid suckers put their money into this.

 

 

 

Risk vs reward.

 

I prefer shares.

 

Risk 1k on coins.

 

All relative

[Iamfalang]

1.  you can go broke taking profits.  Make $1 USD a day and no income will send you to the poor house.

2.  nobody has a clue.  the key is selling services (shovels) and finding an edge on flow or execution.  

3.  unregulated means billions can be spent to scam people out of more billions.  then let the lawyers fight for years.

4.  poor people are easily controlled, until they fight

5.  no bitcoiner is going to fight, so they will be controlled.

 

technical analysis only works as far as your account is concerned.  if you made millions, it works.  if you are poor, it doesn't.  only the facts matter.  only money matters.  making 100% on one penny means technical analysis is worth 1 penny.  show me the millions!!!

 

 

[Sparktrader]

How does a poor person make $2m?

[fdsa]

1 hour ago, Hummin said:

What is this functionality the cryptos have, that can not be replaced ?

anonymous money transfers.

instant money transfers without getting your account blocked because of some stupid piece of code in the bank or some lame clerk that does not like you.

[Walker88]

2 minutes ago, fdsa said:

anonymous money transfers.

instant money transfers without getting your account blocked because of some stupid piece of code in the bank or some lame clerk that does not like you.

Hardly a reason to be 'valued' at trillions of dollars.

[Walker88]

So a legal defense turns around the crypto market.....

 

Elon Musk, being sued for $258 billion by dogecoin holders who claim Musk was involved in a dogecoin Ponzi Scheme, issues a statement as part of his defense that he is continuing to buy dogecoin, as in, "If it's a Ponzi, why am I still buying?"

 

If Musk so much as buys a single dogecoin for 6 cents, his lawyer will be able to get the suit dismissed.

 

Wither Bernie Madoff? Musk could have taught him a thing or two.

 

If such a legal defense statement turns around a weekend rout, crypto is even sillier than its critics suggest.

[Neeranam]

17 hours ago, rattlesnake said:

Never believed in it, even back in 2017 when everybody was raving about it (and other cryptos). Since 2008 I am convinced that wealth should be invested in tangible assets, namely gold and real estate. Nothing has made me change my mind since, quite the contrary.

I have 10% of my entire assets in non-fungible tokens ????

I don't believe in btc as such but realized its importance in world finance. You don't have to believe in something to invest. 

 

 

[Neeranam]

5 hours ago, Adumbration said:

You are already wrong bumping on 18K today.

 

I am not a crypto cynic by the way.  I just have analysed bitcoin long term charts and I think 10K will be the significant resistance point this time around.  I did notice a bull trap rally yesterday however which did provide a good trading opportunity.

You could be right. 

If it does hit 10k, I'm all in. 

Dusky seem long ago I got two friends to get in at $9.500. I think it was exactly 2 years ago. 

 

Its very hard to lose money if you buy bitcoin. I really baby understand anyone who sells without waiting at least a couple of years. 

[rattlesnake]

5 minutes ago, Neeranam said:

I have 10% of my entire assets in non-fungible tokens ????

I don't believe in btc as such but realized its importance in world finance. You don't have to believe in something to invest. 

 

 

Fair enough!

[Sparktrader]

35 minutes ago, Walker88 said:

So a legal defense turns around the crypto market.....

 

Elon Musk, being sued for $258 billion by dogecoin holders who claim Musk was involved in a dogecoin Ponzi Scheme, issues a statement as part of his defense that he is continuing to buy dogecoin, as in, "If it's a Ponzi, why am I still buying?"

 

If Musk so much as buys a single dogecoin for 6 cents, his lawyer will be able to get the suit dismissed.

 

Wither Bernie Madoff? Musk could have taught him a thing or two.

 

If such a legal defense statement turns around a weekend rout, crypto is even sillier than its critics suggest.

He made some tweets. Thats it.

[ExpatOilWorker]

Have a look at the trading volume for Bitcoin, it is already dead.

https://data.bitcoinity.org/markets/volume/all?c=e&t=b

 

[Sparktrader]

1 minute ago, Neeranam said:

You could be right. 

If it does hit 10k, I'm all in. 

Dusky seem long ago I got two friends to get in at $9.500. I think it was exactly 2 years ago. 

 

Its very hard to lose money if you buy bitcoin. I really baby understand anyone who sells without waiting at least a couple of years. 

What if it trades 2k to 8k next 5 years after a fall?

[Neeranam]

36 minutes ago, Walker88 said:

So a legal defense turns around the crypto market.....

 

Elon Musk, being sued for $258 billion by dogecoin holders who claim Musk was involved in a dogecoin Ponzi Scheme, issues a statement as part of his defense that he is continuing to buy dogecoin, as in, "If it's a Ponzi, why am I still buying?"

 

If Musk so much as buys a single dogecoin for 6 cents, his lawyer will be able to get the suit dismissed.

 

Wither Bernie Madoff? Musk could have taught him a thing or two.

 

If such a legal defense statement turns around a weekend rout, crypto is even sillier than its critics suggest.

Totally off topic. 

Do you think btc is going to zero? 

Don't let your hatred affect your answer. 

When did you first hear of BTC, and not buy it? ????

[Sparktrader]

1 minute ago, ExpatOilWorker said:

Have a look at the trading volume for Bitcoin, it is already dead.

https://data.bitcoinity.org/markets/volume/all?c=e&t=b

 

I dont believe that chart.

[Neeranam]

2 minutes ago, ExpatOilWorker said:

Have a look at the trading volume for Bitcoin, it is already dead.

https://data.bitcoinity.org/markets/volume/all?c=e&t=b

 

I guess the weak hands have sold. 

You can't kill the btc. 

[Sparktrader]

1 minute ago, Sparktrader said:

I dont believe that chart.

Actually volume is down due to cost. Price is 1000x higher. Has to fall.

 

$40 vs $40000 for example

[Sparktrader]

1 minute ago, Neeranam said:

I guess the weak hands have sold. 

You can't kill the btc. 

Price up 500 to 1000x

Volume has to fall

 

 

[Neeranam]

4 minutes ago, Sparktrader said:

I dont believe that chart.

 

Yes, it's not real

[EricTh]

When I told this forum last year that Bitcoin is a pyramid scheme, nobody believed me!

 

Now look what happened.... If people don't put new money in, existing bitcoin owners are screwed.

[Sparktrader]

3 hours ago, Hummin said:

“'You can lead a horse to water but you can't make him drink'”

 

You have all the evidences that BTC is unhealthy, unethical and create creed and losses for most people, and make very few disgustingly rich just by being lucky. It have nothing to do being smart, clever, just lucky. When it goes well, and the correct timing, it is easy to use that to create the hype to make more people buy in to it, and promise skyrocketing rise in new future. How many times will you guys hold on to the wild uncontrolled roller coaster and believe in it? 
 

Btc survive on false promise’s and hope. Thats all, nothing else, its not even just air, its energy consuming and for the time, everything is wrong a out it, still people choose to take the bait unbelievable. 

Luck is better than skill.

[Hummin]

19 minutes ago, Sparktrader said:

Luck is better than skill.

I bet skill beat luck if you are in for the long run in any game!

[Sparktrader]

Dont think so. 3c to 50,000 is luck. $500m.

 

Trying turning 5k into $500m using skill.

 

 

[Adumbration]

1 hour ago, Sparktrader said:

How does a poor person make $2m?

I grew up dirt poor in a housing commission suburb.  My mother died of cancer when I was 15 and just prior to that my father ran off with the next door neighbor's wife (the <deleted> just died in March).  I started my consultancy with nothing more than a second hand laptop and and nokia phone bought on lay away.  I could not even afford business cards when I kicked off.  I retired at 45.

[Adumbration]

1 hour ago, Neeranam said:

I have 10% of my entire assets in non-fungible tokens ????

I don't believe in btc as such but realized its importance in world finance. You don't have to believe in something to invest. 

 

 

This is a very important point.  I have traded Thai derivative warrants on the SET now for 15 years.  I have no faith whatsoever in the integrity of the reporting of the underlying equities.  Corruption is absolutely pervasive and there are few, if any, repurcussions for liars.

 

Crypto is a new asset class.  It has it own specific risks but also unique opportunities.  People that invest in crypto using the same mindset as equities...or any other asset class for that matter will fail.

[Hummin]

24 minutes ago, Sparktrader said:

Dont think so. 3c to 50,000 is luck. $500m.

 

Trying turning 5k into $500m using skill.

 

 

The question is, how long do luck last, and how many are lucky compared to those who are skilled? 
 

Easy come, easy go comes to mind

[Sametboy2019]

20 hours ago, Hummin said:

Why do you believe any of those established cryptos would be part of the new financial system?

 

If there will be a new financial system, every "coin" will be new coins, new system backed by governments. 

Define established? Only "New coins will be CBDC's." 

[Adumbration]

1 hour ago, EricTh said:

When I told this forum last year that Bitcoin is a pyramid scheme, nobody believed me!

 

Now look what happened.... If people don't put new money in, existing bitcoin owners are screwed.

I hold a polar opposite view to you.  Crypto as an alternative asset class is here to stay.  Because of the low barriers to entry there is a lot of noise in the space. A major correction like this is very healthy because it is sorting the wheat from the chaff.  I started this thread because I am very interested in where the bottom is...because I will be buying lots of chaff.

 

The same is happening in other sectors of the equity market right now as well.  Speccy lithium and rare earth miners are getting hammered along with speccy tech and biotech.

[Adumbration]

2 hours ago, Sparktrader said:

I dont believe that chart.

Yeah how the <deleted> do they monitor volumne.  The BSDs would be trading anonymously.  Do all crypto exchanges have to declare their volumnes?

[Adumbration]

7 hours ago, Adumbration said:

I have never worked for a fund, bank or the like. But I did have my own investment company in Australia for over 30 years.  I traded actively.  I recall my highest turnover for one year was circa 16.2 million.  I am currently entirely in cash including my super.  I plan to move heavily into the crytpo space.  And this is a significant opportunity.  I am interested in where the bottom lies, as a fundie you will know that that is a nebulous question at best, but it is a topic worth debating.

 

I think a question that needs to also be raised is what percentage of this current correction in crypto is panic selling and what percentage is paid downramping in the attempt to create more significant opportunities for the manipulators.

 

Is that cynical enough for you?

Hmm looks like I was right.  Elon downramping and now that the double bottom is in he is going to clean up.